“Tight financial conditions, cost of loans challenge Nigeria’s food security” – THISDAYLIVE


Recent floods have devastated various agricultural lands as food prices continue to rise. Financial industry stakeholders are urging the federal government to put pressure on the financial industry to reassess its tight financial position and high financing costs. This is still the biggest challenge threatening the food security of the country.

They also stressed the need for Nigeria’s banking sector to consider, as a matter of urgency, loans to cover working capital beyond the initial production stage.

They likewise called on the federal government to force the Nigerian Development Bank to consider using cooperative groups to make loans to farmers.

Likewise, they also stressed the need for the federal government to consider placing National Youth Service Corps (NYSC) members in farmers across the country to support the agricultural workforce and thereby reduce working capital. Did.

Speaking at the Vanguard Media Food Business Roundtable in Lagos, Dr. Adams Olu-Adebayo of the Lagos Chapter, President of the Association of Nigerian Small and Medium Enterprises (NASME), said that unfunded Nigerian agriculture is just a matter of entertainment. I said yes.

He stressed that farmers across the country need to work together to build a network to save the country from food shortages, as the funds they need cannot come from the banking system.

“There is no better time than this season, when recession and recession overlap in almost the shortest time, and recession intensifies. You can see it in GDP, real income, employment situation, industrial production, wholesale and retail sales,” he said.

Speaking, MD/CEO Olukayode Pitan, Bank of Industry Limited, said that given that Nigeria’s population growth rate is higher than its economic growth rate, the theme of the session “Incentives for Development of Nigerian Agriculture-related Business” said to be very appropriate. growth over the last few years.

According to him, population growth and increasing urbanization have made it critical for the country to harness the potential of agriculture for economic growth to further boost productivity and food security in Nigeria. .

He added that despite these opportunities for growth and progress in the agricultural ecosystem, many challenges remain. Migration to cities, poor infrastructure (transport, storage, immigration, etc.), insecurity, flooding, etc. These are hampering the performance of Nigeria’s agricultural sector and exacerbating the growing food insecurity that has recently affected the country. ”

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